| LAG RO 全国企业信用查询 | | 宜宾智创数字经济产业发展基金合伙企业(有限 > | 查一下 | | --- | --- | --- | --- | | 基本信息 7 | 法律诉讼 | 经营风险 | 经营信息 | | 执行事务合伙人 | 宜宾五粮液基金管理有限公司 | 登记状态 | 存续(在营、开业、 | | | | 出资额 | 101000万元 | | 组织机构代码 | MAEUGRGU-8 | 工商注册号 | 511521200323725 | | 企业类型 | 有限合伙企业 | 营业期限 | 2025-08-27 至 2040- | | 人员规模 | | 参保人数 | - | | 所属地区 | 四川省宜宾市叙州区 | 登记机关 | 宜宾市叙州区市场监 | | 国标行业 | 资本投资服务 (J6760) V | 英文名 | Yibin Zhichuang Digi Limited Partnership) | | 主要经营场所 | 四川省宜宾市叙州区赵场街道天枢路22号M0产城融合片区数字创新产业社区1号 | | | | 经营范围 | 一般项目:以私募基金从事股权投资、投资管理、资产管理等活动( ...

2025 年 8 月 29 日 公司研究 盈利预测、估值与评级：考虑外部需求环境仍存不确定性，下调 2025-27 年归 母净利润预测为 317.83/330.97/348.02 亿 元 （ 较 前 次 预 测 下 调 5.7%/7.8%/9.1%），折合 EPS 为 8.19/8.53/8.97 元，当前股价对应 P/E 为 15/15/14 倍。公司今年定位"营销执行提升年"，积极推进渠道变革，挖掘细 分增量，期待后续动销拐点及改革成效，维持"买入"评级。 风险提示：高端白酒需求疲软，普五挺价不及预期，千元价位白酒竞争加剧。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 83,272 | 89,175 | 90,661 | 93,441 | 97,261 | | 营业收入增长率 | 12.58% | 7.09% | 1.67% | 3.07% | 4.09% | | 净利润（百万元） | 30,211 | 31,853 | 31,783 ...

中金公司指出，二季度消费板块虽面临一定压力，但部分细分领域仍展现出韧性。以伊利股份为例， 2025年第二季度实现收入289.1亿元，同比+5.8%，归母净利润23.3亿元，同比+44.6%，业绩符合预期。 其中，奶粉及冰淇淋业务表现亮眼，2Q25收入同比+9.7%/+38%。随着消费场景逐步恢复及新品持续推 出，消费板块盈利能力有望持续改善。 2025年8月29日早盘，大消费板块集体走强，白酒、食品、零售等方向领涨。 消息面方面，商务部将推动离境退税政策落实落细，因地制宜优化退税商店布局，多措并举扩大入境消 费。商务部新闻发言人介绍说，今年上半年，全国各口岸入境外国人超1900万人次，同比增长了30%， 离境退税商店数量成倍增加，退税消费额同比增长了95%。下一步，商务部将多措并举、持续发力，进 一步扩大入境消费。 从估值层面来看，消费ETF龙头跟踪的中证主要消费指数最新市盈率（PE-TTM）仅19.51倍，处于近3 年8.24%的分位，即估值低于近3年91.76%以上的时间，处于历史低位。 规模方面，消费ETF龙头最新规模达1.90亿元，创近1年新高。份额方面，消费ETF龙头最新份额达2.03 亿份，创近1 ...

8月29日，白酒板块高开高走，热门ETF中，食品饮料ETF天弘（159736）截至发稿上涨2.16%，盘中一 度上涨2.70%，成交额超1300万元，溢折率0.01%，盘中频现溢价交易。 成分股中，会稽山涨停，金徽酒、立高食品、新乳业、伊利股份、舍得酒业、老白干酒等多股跟涨。 消息面上，据央视网，8月27日，国新办就中国服务贸易发展和2025年服贸会筹备工作进展情况举行新 闻发布会，商务部副部长盛秋平在会上表示，我国消费形态已经逐步转向以商品消费和服务消费并重的 阶段，下一步，商务部将加强政策促进，形成工作合力。下个月，商务部还要出台扩大服务消费的若干 政策措施，统筹利用财政、金融等手段，优化提升服务供给能力，激发服务消费新增量。 平安证券认为，当前白酒基本面底部企稳，中报理性出清、解决历史库存问题，同时股息率为股价形成 支撑，后续中秋国庆旺季有望催化消费。 华龙证券表示，当前进入中报密集披露期，白酒中报业绩压力集中释放，大众品部分新消费标的业绩实 现快速增长，建议关注超跌后续将有望持续改善的白酒板块和成长性较高的新消费个股。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立 ...

Key Insights - The report highlights the significant growth in the nutritional products sector, with New Hope Liuhe (002001.SZ) achieving a revenue of 11.101 billion yuan, a year-on-year increase of 12.76%, and a net profit of 3.603 billion yuan, up 63.46% [10] - The report emphasizes the robust performance of the amino acid market, particularly methionine, with prices rising to 22,200 yuan per ton, reflecting a year-to-date increase of 12.98% [11] - The report notes the steady performance of the vitamin A and E segments, with revenue of 2.085 billion yuan and a net profit of 1.209 billion yuan, maintaining a net profit margin of 58% despite recent price declines [12] Company Analysis - New Hope Liuhe's nutritional products segment accounted for 64.86% of total revenue, with a gross margin of 47.79%, an increase of 11.93 percentage points year-on-year [10] - The company has expanded its methionine production capacity to 460,000 tons per year, positioning it as the third-largest producer globally [11] - The vitamin segment's revenue is expected to remain stable, with recent price adjustments indicating limited further declines [12] Industry Trends - The real estate sector is experiencing a downturn, with a 6.5% year-on-year decline in sales volume and a 4.0% decrease in sales area as of July 2025 [22] - The average price of new residential properties has decreased by 2.6% year-on-year, indicating ongoing pressure in the housing market [23] - Recent policy relaxations in major cities like Beijing and Shanghai are expected to provide some support to the real estate market, although the overall outlook remains cautious [24] Financial Performance - The report indicates that Beike-W (02423.HK) achieved a revenue of 26 billion yuan in Q2 2025, a year-on-year increase of 11%, although net profit declined by 32% [28] - Yuexiu Property (00123.HK) reported a revenue of 47.6 billion yuan, a 34.6% increase, but a net profit decline of 25.2% due to lower gross margins [31] - Zhou Dasheng (002867.SZ) experienced a 43.29% drop in revenue to 4.597 billion yuan, while net profit remained relatively stable, reflecting a 1.27% decline [32] Market Outlook - The report suggests that the non-bank financial sector is poised for growth, driven by a shift in deposit behaviors and increased demand for risk assets [25] - The overall market is in a recovery phase, with expectations of a gradual improvement in economic conditions and investment opportunities in various sectors [26] - The report maintains a positive outlook for companies with strong fundamentals and innovative product offerings, particularly in the nutritional and financial sectors [13][26]

业内人士分析指出，在行业深度调整的大背景下，五粮液业绩持续保持稳健态势，展现出了行业龙 头穿越周期的战略定力和发展韧性。 原标题：半年营收527.71亿元 解码五粮液的韧性与活力 8月27日晚间，五粮液披露了2025年半年度报告，报告期内公司实现营业收入527.71亿元，同比增 长4.19%；归母净利润194.92亿元，同比增长2.28%。 今年，融合新派酒饮、创意炙烤与文化体验的潮流空间"五粮·炙造"盛大开业，将白酒的"年轻化、 时尚化、潮流化"转化为可感知的场景、模式与行为，让白酒行业拥抱潮流新趋势有了生动案例。在成 都宽窄巷子、无锡南长街，五粮液落地酒旅融合的新型体验店，多维度触达年轻客群，用"体验+社 交"激活年轻消费热情。五粮液还在上海尝试打造了面向年轻群体的"捷美颂"酒饮融合饮吧。 今年以来，五粮液与米其林指南持续深化合作，深度融入世界各地的美食场景，串联起不同地域的 生活喜好与文化特色，以"美酒+美食"的创新融合持续拓宽消费场景，并借助米其林指南的全球影响 力，强化全球消费者对五粮液的高端白酒认知，让五粮液触达更广泛的国际消费群体。 深化营销变革，稳聚信心韧性强 2025年，是五粮液"营销执行提 ...

天眼查工商信息显示，近日，宜宾智创数字经济产业发展基金合伙企业（有限合伙）成立，执行事务合 伙人为宜宾五粮液基金管理有限公司，出资额10.1亿人民币，经营范围包括以私募基金从事股权投资、 投资管理、资产管理等活动。合伙人信息显示，该企业由四川省宜宾五粮液集团有限 ...

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

从券商推荐家数来看，8月28日有379家上市公司得到券商推荐，其中五粮液获得10家推荐，中国人寿获 得8家推荐，陕西煤业获得7家推荐。 | | | 08月28日券商推荐家数排名 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 收盘价(元) | 评级券商数量 | 行业 | | 000858 | 五粮液 | 125.47 | 10 | 白酒 | | 601628 | 中国人寿 | 41.47 | 8 | 保险 | | 601225 | 陕西煤业 | 20.33 | 7 | 煤炭开采 | | 300662 | 科第国际 | 33.36 | 6 | 专业服务 | | 603170 | 宝立食品 | 13.76 | 5 | 调味发酵品 | | 600176 | 中国巨石 | 14.19 | 5 | 玻璃玻纤 | | 600926 | 杭州银行 | 16.08 | 5 | 城商行 | | 002001 | 新和成 | 24.46 | 5 | 化学制品 | | 600938 | 中国海油 | 25.77 | 5 | 油气开采 | | 600160 | 巨化股份 | ...

天眼查工商信息显示，近日，宜宾智创数字经济产业发展基金合伙企业（有限合伙）成立，执行事务合 伙人为宜宾五粮液基金管理有限公司，出资额10.1亿人民币，经营范围包括以私募基金从事股权投资、 投资管理、资产管理等活动。合伙人信息显示，该企业由四川省宜宾五粮液集团有限公司、宜宾五粮液 基金管理有限公司共同出资。 ...